BioNitrogen Holdings Corp. (BIONQ)

[nodummy]

The filings tell you all you need to know about BION.

BION is nothing more than a continuation of the HIDE scam by the same crooks that previously used this shell to fleece common shareholders for their own self-enrichment.

According to the Initial Company Information and Disclosure Statement filed on December 14, 2011 and the Supplemental Information filed on January 13, 2012, there is now a $150,000 debt Note that exists between BION and Claude Eldridge.

Go back through all previous filings ever done by the HIDE shell before December 14, 2011 and this debt Note is never mentioned. The date of this debt Note is also very suspicious. According to these recent filings the debt note is dated February 16, 2007 between the Company and Claude Eldridge. (Or February 15, 2007 if you look at the Interim Financial Report filed on December 14, 2011)

Claude Eldridge and John Jarvis didn't hijack the HIDE shell until 2009 so how is it that there is not a debt Note dated February 16, 2007? Short answer is that there isn't a real debt Note dated February 16, 2007. The debt Note is bogus. Created out of thin air or fudged to allow these criminals to use the debt Note to issue free trading shares for their own self enrichment at the expense of the common shareholders.

According to the Initial Company Information and Disclosure Statement and Supplemental Information, 72,234,000 shares of common stock were issued back in April towards $72,234,000 worth of debt owed to Claude Eldridge (or in June if you look at the Interim Financial Report). Assuming that $72,234 cuts into the original $150,000 owed to Claude Eldridge through the bogus debt Note, BION still owes Claude Eldridge another $77,766.

According to the Initial Company Information and Disclosure Statement, Interim Financial Report, and Supplemental Information another 100,000,000 shares of common stock will be issued towards this $10,000 of this debt Note at $.0001/share following the Reverse Split.





Think about that for a second. At $.01/share those 100,000,000 shares are worth $1,000,000 for $10,000 worth of debt. At $.10/share those 100,000,000 shares are worth $10,000,000 for $10,000 worth of debt. What do you think the dumping of 100,000,000 shares will do to the BION stock price? And even after those 100,000,000 shares are dumped there will still be at least another $67,766 worth of this bogus debt Note to go. At $.0001/share that will be another 677,660,000 free trading shares for Claude Eldridge and John Jarvis to dump.


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What else does the Initial Company Information and Disclosure Statement filed on December 14, 2011 tell us?

Well it also gives us some very disturbing and inconsistent information about the resignation of Tony Beyer. Tony Beyer was previously involved in the pump&dump that Eldridge and Jarvis ran on PCLI. After that pump&dump was over, the fake Navy Seal, Tony Beyer, was brought on board with HIDE to help with the insider enrichment scam being run with the HIDE shell.

According to this 8K filed on July 5, 2011, Tony Beyer resigned on January 1, 2011

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8026487

According to this 8K filed on October 7, 2011, Tony Beyer resigned on April 25, 2011

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8182854


It also gives us some very disturbing and inconsistent information about the date of the share exchange between Bio-SNG Technologies International Corp and HIDE.

According to the Initial Company Information and Disclosure Statement the share exchange took place on May 12, 2011.






But Bio_SNG Technolgies International Corp was not registered as a business entity until June 9, 2011

http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=uUkHYnJPuKhefW7Ldo0ebQ%253d%253d&nt7=0

That makes this a fraudulent share exchange agreement:

http://www.otcmarkets.com/financialReportViewer?symbol=BION&id=68044

I especially like the part of the share exchange agreement that says that $5 million dollars will be raised through a public offering yet no public offering was ever done. And the part that requires that an S-1 filing be done within 120 days of the signing of the agreement. The filings suggest that the share agreement officially closed on November 11, 2011. No S-1 filing will ever be done since BION is a non-SEC reporting company. Even if one is filed I guarantee that it will never get approved by the SEC.



Lastly, I just want to make mention of the statements in the BION filings that say that $5,000,000 cash will be required to pay for the licensing agreements and $65 million will be needed to build a plant that would cost other companies $1.2 billion to build in order for BION to conduct their proposed business operations. In my opinion anybody that believes that

#1) BION can build a $1.2 billion plant with only $65 million
#2) BION can raise $70,000,000
#3) that BION isn't just an insider enrichment scam with a bogus $150,000 debt Note at the heart of the scam

is in for a major hurting if they decide to invest their money in this Claude Eldridge/John Jarvis shell. I don't care what names they attach to this hijacked shell on the surface. In my opinion the shell is just as dirty as ever.